Major global insurance companies are urging G20 leaders to commit to a specific timeline for rapidly phasing out fossil fuel subsidies – something they’ve repeatedly failed to do over the years despite numerous promises to end support for the industry. In a joint statement issued ahead of the G20 conference in China this weekend, insurers with more than USD$1.2 trillion in assets under management warn that support for the production of coal, oil, and gas is at odds with the nations’ commitment to tackle climate change agreed in Paris last December. The statement, signed by Aviva, Aegon NV, and MS Amlin, calls for governments to set “a clear timeline for the full and equitable phase-out by all G20 members of all fossil fuel subsidies by 2020.” Click here for reuse options! Tags: Insurance IndustryAvivaAegon NVMS AmlinOverseas Development Instituteoil change internationalFossil Fuel Subsidiesfossil fuel subsidy phase-outEmpty Promises: G20 subsidies to oilG20the Institute and Faculty of Actuaries